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bellatrix exploration ltd (BXE) Details

Bellatrix Exploration Ltd. engages in the acquisition, exploration, development, and production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan. Its principal oil and natural gas properties located in the areas of Ferrier, Willesden Green, Greater Pembina, Strachan, and Harmattan, Alberta. As of December 31, 2014, the company’s proved undeveloped reserves included a total of approximately 356,650 million cubic feet of natural gas; 7,975.8 thousand barrels of oil; and 17,508.0 thousand barrels of natural gas liquids. Bellatrix Exploration Ltd. was founded in 2000 and is headquartered in Calgary, Canada.

bellatrix exploration ltd (BXE) Key Developments

Bellatrix Exploration Ltd. has announced the start-up of Phase I of the Bellatrix O'Chiese Nees-Ohpawganu'ck deep cut gas plant in the Alder Flats area of Alberta, or Bellatrix Alder Flats Plant. Bellatrix successfully completed construction of Phase I of the Bellatrix Alder Flats Plant ahead of schedule and on budget. Initial Plant start-up commenced on May 22, 2015, followed by first delivery of natural gas volumes to sales. Subsequent to Plant start-up, Bellatrix has successfully increased volume throughput at the Plant, ultimately achieving inlet gas volumes of over 110 mmcf/d by mid-June. The Bellatrix Alder Flats Plant improves the Company's operational control and enhances reliability of processing.

Bellatrix Exploration (BXE) reported that a syndicate of lenders approved its request for a borrowing base of $600 million in a semi-annual review of its revolving line of credit, and that it successfully started up a natural-gas processing plant in the Alder Flats area of Alberta. Bellatrix, reported it successfully completed Phase 1 of the Bellatrix Alder Flats Plant gas plant ahead of schedule and on budget. Bellatrix said that with the Alder Flats plant now fully operational it expects to realize benefits in H2. Bellatrix also said its syndicate of lenders completed its semi-annual review of the borrowing base under its revolving credit facilities and approved Bellatrix's request for a revised borrowing base of $600 million. The semi-annual redetermination was initially scheduled to be completed in May 2015, but was deferred to facilitate the oil company's offering of $250 million of 8.5% senior unsecured notes due 2020, which was completed on May 21, 2015. The revised borrowing base incorporates an automatic reduction equal to two times the annual interest cost of the senior notes and a redetermination based on the syndicate's review of the estimated value of the company's proved reserves. Bellatrix said the revised borrowing base is anticipated to result in lower standby fees charged on unutilized amounts. As at May 31, Bellatrix said it had drawn approximately $365 million on its credit facilities, and after giving effect to the redetermined borrowing base, Bellatrix would have had access to approximately $235 million of liquidity under the credit facilities before deducting outstanding letters of credit. Bellatrix said its credit facilities are available on an extendible revolving basis and consist of a $75 million operating facility provided by a Canadian bank and a $525 million syndicated facility provided by nine financial institutions, subject to a borrowing base test. The three-year revolving facilities mature on May 30, 2017, unless extended. The borrowing base is subject to re-determination on May 31 and November 30 in each year prior to maturity.

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